My 2010 Business Experience
If it is complicated then it needs to be worked on more carefully.
The year 2010 has been my lowest in terms of hope for the survival of my business, however is has been my best success story in my nine years experience as a business owner.
As the year ends I reflect on my business experience so far in the years. The successes and the challenges, the successes where a very good experience which I believe will continue in the new Year and beyond. But the challenges which didn’t start in 2010 but I can say it ended in 2010. This challenges where as a result of bad business decisions due to inexperience ignorance and lack of my seeking advice from those whose business it is to help businesses succeed.
In April of 2010 I was almost sure my business will not survive the year, but I meet this great organization which helped me with vast management techniques I couldn’t have thought of. They are the small business success center, the subsequent corrections and lessons learnt will be greatly beneficial to me for the rest of my business life.
Example.
Financial planning is a prerequisite for the success and growth of any business enterprise. With out financial planning it is impossible for a business to function effectively and achieve goals set by the business. In essence financial planning means that the owners or managers of a business have to continuously determine the right financial management strategy to apply in successfully running the business.
Budgeting. Whether budgeting time or funds we all work on one form of budget or the other. Budgets vary form household budget, personal finance budget, to business budget. Every business has to work according to a budget to ensure it has enough fund to effectively fund its activities.
Budgets serve as an aid to the financial planning process. For example, in the budgeting processes capital requirements of the business for the budgeting period is determined – this enables the business manager/s to make provisions at an early stage for its financial needs.
